HSBC is using facial recognition technology that enables customers to open an account using a selfie as ID.
The app uses facial tracking technology to take a head shot using an IOS or Android smartphone or tablet, which is then compared with other ID documents uploaded by the customers, such as a passport.
More than half of HSBC’s customers now bank online, compared with 10% in 2013.Richard Davies, head of global propositions for commercial banking at HSBC, said the app will save business customers’ time.
He said: "We expect the convenience and speed of a selfie to become the verification method of choice for our customers, who no longer need to visit a branch to complete the process."
Consumers are making it clear that biometric authentication has the potential to become mainstream in banking.
A Mastercard pilot in the second half of 2015 revealed that 90% of consumers prefer using biometric identification - such as fingerprint and facial recognition – over passwords for online payments.
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